OPERATIONS

Canadian oil giant exits African war zone

Under pressure from human rights groups and its own shareholders, Canadian oil giant Talisman Ene...

Talisman has sold its 25% stake in the Greater Nile Petroleum Operating Company (GNPOC) to the Indian outfit, Oil and Natural Gas Corporation, for $US777 million. GNPOC accounted for the bulk of Sudan's oil production.

Human rights groups accused the Sudanese Government of using revenue from the project to fund repression of minority groups in the south of the country.

Despite being an excellent project and a "good deal" for Talisman's shareholders, Talisman's chief executive, Jim Buckee, said the controversy detracted from the company's other assets.

While the Canadians have departed, foreign oil companies from Russian, France, Norway, UK, China and Malaysia are still operating in Sudan.

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